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THE WAYCROSS HERALD, SATURDAY, AUGUST 12. 1893. ■«»■ The Object of the Extra Session Call, Made Known. THE FINANCIAL QUESTION. II Wu m Strong I’aper That was Bead Before the Lawmakers Upon the Demands for a Sound and Stable Currency. Washington, Aug. 9.—Rev. Mr. Mil- burn, the new chaplain of the senate, opened proceedings with prayer. The journal was read by new Secretary Cox. The credentials of George C. Perkins, the new senator from California, were received, and the oath of office was ad ministered to him. The senate then took a recess until 12:45 o’clock. The recess having expired, Mr. Har ris, of the committee appointed to wait npon the president, reported that the committee had performed that duty, and had been informed that the presi dent would communicate with congress immediately. Thereupon Mr. Pruden, one of the president’s secretaries, ap peared and delivered the message, which was immediately read to the sen ate by Mr. Johnson, its chief clerk. Bend In tbn House. The house was called to order prompt ly at noon, and prayer was offered by the newly elected chaplain. Rev. Dr. Haddaway. The journal, which was a rather lengthy one, was then read and approved, and the house took a recess until 12:45. After recess, Mr. Springer, chairman of the committee appointed to wait upon the president, reported that the presi dent would communicate in writing a message to congress forthwith. Mr. Pruden, one of the president’s secretary’s, made his bow and sent the important document to the clerk’s desk, where it was read by* Clerk Kerr. The president’s message was listened to with intense interest by members "f the house, and at the conclusion of its reading was greeted with general ap plause, not confined to any section of the chamber. To the Congress of the United States: / ' The; existence of an alarming and ex traordinary business situation, involv ing the: .welfare and' prosperity of all dhr pebble, has constrained me to call together) in extra session, the people’s representatives in congress, to the end ' that through a wise and patriotic exer cise of tho legislative duty with which they solely are charged tho present evils may be mitigated and the dangers threatening the future may be averted. Our unfortunate financial plight is not the result of untoward events, nor of conditions related to* our natural re sources; nor is it traceable to any of the afflictions whiqh frequently check nat ural growth and prosperity. With plenteous crops, with abundant prom ise of remunerative production and manufactures, with unusual invitation to safe investment, and with satisfacto ry assurance to business enterprise, sud denly a financial distrust and fear have sprung up on every side. Numerous moneyed institutions have suspended because abundant assets were not im mediately available to meet the demands of frightened depositors. Surviving corporations and individuals are con tent to keep in hand the money thev are usually anxious to loan, and those engaged in legitimate business are sur prised to find that the securities they offer for loans, though heretofore satis factory, are no longer accepted. Val ues supposed to be fixed are fast becom ing conjectural, and loss and failure have invaded every branch of business. I believe these things are principally chargeable to- congressional legislation, touching the purchase and coinage of silver by the general government. .This legislation is embodiedan a statute pass ed on the 14th day of July, 1690, which was the culmination of much agitation on the subject involved, and which may be considered a truce, after a long strug gle l>etween the advocates of free silver •oinaga and those .intending to be more conservative. Uuudoubtedly the monthly nurchase by the government of 4,500,000 ounces of silver, enforced under that statute was regarded by those interested in sil ver production as a certain guaranty of its increase in price. The result, how- other upon the present legal ratio or such ratio as may be provided by law.” This declaration so controls the action of the secretary of the treasury - as to prevent his exercising the discretion nominally vested in him, if by such ac tion the parity between gold and silver may be disturbed. Manifestly a re fusal by the secretary to pay these treas ury notes in gold, if demanded, would necessarily result in their discredit and depreciation as obligations payable only in silver, and would destroy the parity between the two metals by establishing a discrimination in favor of gold. Up to the 15th day of July, 1893, these notes had been issued in payment of silver bullion purchases, to the amount of more than $147,000,000. While all but a very small quantity of this bullion remains uncoined and without usefulness in the treasury, many of the notes given in its purchase have been paid in gold. This is illus trated by the statement that between May 1st, 1892, and the 15th day of July, 1893, the notes of this kind issued in payment for silver bullion amounted to a little more than $54,000,000, and that during the same period about $49,- 000,000 were paid by the treasury in gold for redemption of such notes. The policy necessarily adopted of paying these notes in gold has not spared the gold reserve of $100,000,000 long ago set aside by the government for the redemption of other notes, for this fond has already been subjected to the payment of new obligations amount ing to about $150,000,000 on account of silver purchases, and has as & conse quence, for the first time since its crea tion, been encroached upon. We have thus made the depletion of our gold easy, and have tempted other and more appreciative nations to add it to their stock. That the opportunity we have offered has not been neglected is shown by the* large amounts of gold which have been recently drawn from our treasury and exported to increase the financial strength of foreign nations. The excess of exports of gold over its imports for the year ending June 30, 1893, amounted to more- than $87,500,- 000; between the 1st day of July, 1890, and the 15th day of July, 1893, the gold coin and bullion in our treasury de creased more than $132,000,000, while during the same period tne silver coin and bullion in the treasury increased more than $147,000,000. Unless government bonds are to be constantly issued and sold to replenish our exhausted gold, only to be again exhausted, it is apparent that the oper ation of the silver purchase law now in force, leads in the direction of the en tire substitution of silver for the gold in the government treasury, and that this must be followed by the payment of all government obligations in depre ciated silver At this stage gold and silver must part company and the gov ernment must fail in its established policy to maintain the two metals on a parity with each other. Given over to the exclusive of a cur rency greatly depreciated according to the standard of tbe commercial world, we could no longer claim a place among nations of the first class, nor oould our government claim a performance of its obligations so far as such an obligation has been imposed upon it, to provide for the use of the people the best and safest money. If, as many of its friends claim, silver ought to occupv a larger place in our currency and the currency of the world through general interna tional co-operation, and agreement, it is desirous that the United States will not be in a position to gain a hearing in favor of such an arrangement so long as all are willing to continue our attempt single handed. The knowl edge in business circles among our own people that our government cannot make its fiat equivalent to intrinsic value, nor keep inferior money on a parity with superior money, by its own independent efforts, lias resulted iu such a lack of confidence at home, in the stabilities of currency values that capital refuses its’ aid to new enter prises while millions are actually with drawn from the channels of trade and commerce to become idle and unpro ductive in the hands of timid owners. Foreign nations, equally alert, not only decline to purchase American se curities, but make haste to sacrifice those which they already have. It does not meet the situation to say that ap prehension in regard to the future of our finances is groundless, and tha; there is no reason for lack of confidence ever, has been entirely different, for Immediately following a apaamodio and in P«P<>a» <* power of the govem- alight rise, the price of ailrer began to I in the P romisea - Tne very exia- fall after the passage of the act, and has right to injure them by financial exper iments opposed to the policy and prac tice of other civilized states, nor is it justified in permitting an exaggerated and unreasonable reliance on our na tional strength and ability to jeopar dize the people's money. This matter rises above the plane of party politics. It vitally concerns every business and calling and enters every household iu the land. There is one important as pect of the' subject which especially should never be overlooked. At times, like the present, when the evils of un sound finance threaten us, the specula tor may anticipate a harvest gathered from the misfortunes of others. The capitalist may protect himself by hoard ing or may even find profit in the fluc tuation of values; but the wage-earner —the first to be injured by a depreci ated currency and the last to receive the benefit of its correction—is practi cally defenseless. He relies for work upon the ventures of confident and contented capital. This failing him* fils condition is with out alleviation, for he can neither prey on the misfortunes of others nor hoard his labor. One of the greatest statesmen our country has known, speaking more than 50 years ago, when a derangement of the currency had caused commercial distress, said: “The very man of all oth ers who has the deepest interest in a sound currency and who suffers most by mischievous legislation in money mat ters, is the man who earns his daily bread by his daily toil.” These words are as pertinent now as on the day they were uttered, and ought ts impressively remind ns that a failure in the discharge of our duty at this time must especially injure those of our countrymen who labor, and who, because of their number and condition, are entitled to the most watchful care of their government. It is of the ut most importance that such relief as con gress-can afford in the existing situa tion be affordedl at once. The maxim, "He gives twice who giyes quickly,” is directly applicable. It may be'true that the embarrass ments from which the business of tbe country is suffering, arise as much from evils apprehended, as from those actu ally existing. AU may hope, too, that calm counsels will prevail and chat neither the oapitalists nor the wage earners will give way to unreasoning panic and sacrifice their property or their interests under, the influence of exaggerated feare. Nevertheless, every day’s delay in re moving one of the plain and principal causee of tbe present state of things en larges the mischief already done and in creases the responsibility of the govern ment for its existence. Whatever else the people have aright to expect from congress thev may cer tainly demand that legislation con demned by the ordeal shall be removed from the statute books as soon as their representatives can legitimately deal with it. It is my purpose to summon congress in special session early iu September, that we might enter promptly noon the work of tariff reform which the true interests of the country clearly demon** , which so large a majority of tae people, as shown by their suffrages, desire ard expect, mud to the accomplishment cf which every effort of the present ad ministration is pledged. But while tariff reform has lost noth ing of its immediate and permanent im portance and must iu the near future engage the attention of congress, it'has seemed to me that the financial condi tion of the country should at once and before all other subjects be considered by your honorable body. 1 earnestly recommend the prompt repeal of the provisions of the act pass ed July 14, 1890, authorizing the purchase -of silver bullion, and that other legislative action may pnt, beyond all douat, or mis take the intention and the ability of the government to fulfill its pecuniary ob ligations in money universally recog nized by all civilized countries. [Signed.] Gbover Cleveland. Executive Mansion, Aug. 7,1893. senator aMwan'i xnn. Washington, Aug. 9.—Senator Stew art, of Nevada, has prepared a bill which he will introduce ad soon as pos sible, the first section of whioh reads: Be it enacted. See.. That the fourteenth section of the act of January 18, 1837, bo, and the same is hereby re-enacted, which reads as fellows: “That gold and silver bullion brought to the mint for coinage, shall be received and coined to? the proper officers for the benefit of the depositor; provided, that it shall be lawful to refuse at the mint any deposit of lees value than $100, and any bullion so .base as to be un suitable for the operations of the mint. And provided, also, that when gold and silver are combined, if either of these metals be in such small proportion toat It canuot be separated advantageously. APRIL 16th, 1893. GEORGIA SOUTHERN AID FLORIDA R.R. Condensed Time Table. A.*. S.30 5-3SA. M. 7-OT 7-55 3- »5>. M. 4- 441 8.09 Cordele .Tifton Valdosta. ircfireSr-" Jacksonville .Tampa. i 7.0^ 6.24 •j 5 f», 3-00 Through Pullman Buffet Sleeping Cars Tampa to Nashville, via Atlanta, connect Ing in Union Depot at Nashville with Vesti- ijuled Limited for Chicago, making Shortest Line and Quickest Time from all points in Florida and South Georgia to World’s Fair. Pullman Buffet Sleeping Car Tampa to Atlanta, connecting in Union De- - ->t with R. Sc D. Vestibuled Limited for ..ashington, Philadelphia, Baltimore and New York, with Pullman Buffet Sleeping Car for St. Louis, via Western and Atlantic R. R., and with through Pullman Buffet Car Service via G. P. for Kansas City via Birmingham and Memphis. Sleeping Car on Night Trains from' Macon and Palatka. Passengers leaving Palatka can remain in Sleeper at Macon until 7:00a. m., wherebreakfastcan be had and connections made with 7:40 train for Atlanta, and trains for Augusta, Athens, Milledgeville, Montgomery and Sa vannah, and all points East, North and South. H. Burks, A. C. Knapp, Trav. Pass'g Agt., Traffic Mgr., Macon. Ga, Macon. Ga. Winding Up of the Season i A 6RAHTCLEASAHCE SALE ALL SUMMER GOODS REGARDLESS OF Mitatik.Mr.NL p R | GE qost or VALUE!!! osEGriixnxriixrcs- Thursday, July 20th! Way cross Air Line Railroad- r e Waycross daily except Sunday 2 00pm Arrive Waltertown “. “ “ 230 pm “ Elsie “ “ 330 pm “ Bolen “ “ '* 00 pm “ Beach “ “ 30 pm “ Sessoms “ “ “ 530 pm RETURNING. Leave Sessoms,daily except Sunday 530 am Arrive Beach “ “ “ 610 am Bolen “ “ “ 640 am Elsie “ **• “ 710 am Waltertown “ “ 7 40 am Waycross “ “ u 9 00 am ! BY The C. C. Grace co. UNDERTAKERS’ GOODS. St. Simons Line. SUMMER SCHEDULE In Effect May 25, 1893. 2:30 and 6:40 p m. for Pier. Returning leaves Pier at 6 and 10:30 a m and 5 pm. Sunday Schedule—Leave Brunswick at 9 a m and 2:30 and 7:30 p m. Returning— leave Pier at 12 in and 6pm. je21 * U. DART, Manager. WODOeifol UK presonrer .since reached the lowest point ever known. The disappointing result has led to renewed and persistent effort in the direction of free silver coinage. Meanwhile, not only are. the evil ef fects of the operation of the present law constantly accumulating, but the result to which its execution must ine vitably lead is becoming palpable to all who give the least heed to financial subjects. This law provides that in payment for the 4,500,000 ounces of sil ver bullion which the secretary of fcreaf - ury is commanded to purchase monthly, there shall be issued treasury notes re deemable ou demand in gold or silver coin, at the discretion of the secretary of the treasury, and that saitl notes may bo re-issued. It is however, de clared in the act to bo “the established policy of tho United States to raainrai:i the two metals on a naritv with W.R. &C0. WAYCROSS, GEORGIA, We are opening the largest and best stock of Furniture,Carpets,Matting, ■Rugs, Matting, Etc., Ever brought to Waycross, and will compete with any market in, prices. flST' Mail or Telegraph Orders for Furniture or Burial Cases promptly attended to. -CHEAP COFFINS. eepet of $ueee.gg! 1 FOR SALE IT ALL DRUGGISTS. R POSVTI3XB CURB FOR Consumption, COUGHS, COLDS, CDOUP, AND ALL BRONCHIAL AFFECTTIONS. Life Preserier Medicine Co., WAYCROSS, GA. J. H. OPPEHHEIM & SON. The Secret of Success for the Monopoly Oppressed Farmer : IS TO PLANT ORCHARDS. California found not her greatest wealth in her gold mines, but in her vineyards and orchards. Georgia and the South can excel the dry, hot climate of Calirornia in the production of fine fruits ; but to do- o vj-e must quit planting cheap, worthless brush, and plant none but southern grown trees procured direct from the Cherokee Nursery. The people of Ware and rounding counties cannot afford to waste money buying northern grown trees; We invite every one to examine our stock before buying. We wiil take pleasure in showing you what we have. GOOD TREES AT FAIR PRICES IS OUR MOTTO. If you cannot come to see us, write to us before you place your orders Catalogues free. Address CHBBOREE NCBSEBY CO., WAYCROSS. GEORGIA. . AUCTIONEERS AND .. Commission Merchants. 5 AND 7 WHITAKER ST., SAVANNAH, GA. fence of this apprehension and the lack of confidence, however caused, is a me nace which ought not fora moment to be disregarded. Possibly, if the under taking we have in hand were the main tenance of a specific known quantity of silver at a parity with gold our ability to do so might be estimated and ganged and perhaps in view of our unparalleled growth and resources, might be favor ably passed upon. But when onr avowed endeavor is to maintain sue 1 parity in regard to an amount of silver increasing at the rate of $50,000,00 yearly, with no fixed termination to such increase it can hardly he said that a problem is presented whose eolation is free from doubt. The people of the United States are entitled to a sound and stable currency, And to money recognized as such on was instantly killed” and Frame no allowance shall be made to the deposit tor for the value of each metal. The second section repeals the silver purchasing danse of the Sherman law of 1890. To frtra Bight *• Pension*. Washington, Aug. 9.—Judge Loch- ren, pension commissioner, has extend* ed until October 10, 1893, tbe period within which pensioners whope pen sions have been suspended may make proof of their right to receive them, San Antonio, Aug. 9.—A dispatch from Bio Grande City states that Mrs. Joseph Veil, the wife of a prominent citizen of Roma, Tex., was bitten a few days ago by a rabid coyote, which at tacked her in the street The wound was promptly cauterized, but the con* dition of tne woman is serious. Gbeenvtlle, Miss., Aug. 9.—In Lake Village, Ark., across-the river from this city, there was a shooting scrape between Joe Frame and Perry Lasson, two young men of the village, in which Regular Sales Days, MONDAYS and FRIDAYS. W. W. WALKER, QUITMAN. GA. General ** Produce - Merchant, DEALER IK Cositry Produce of all kinds. IOOO Bushels Cora for Sale. BACON, LARD, OATS, Pinders, Chickens, Eggs, Butter, Etc., on hand at all times. All orders promptly filled. Correspom uce solicited and satisfaction guaranteed. IS AS SAFE AND HARMLESS AS A Flax Seed Po ultice. It is applied right to the parts. It cures all diseasos of women. Any lady can use it horaelf. Sold by ALL DRUGGISTS. Mailed to any address on receipt of 81. Dr. J. A. McGill £5 Co., 3 and 4 Panorama Place, Chicago, HL Sold by E. H. CRAWLEY. WARREN LOTT. C. E. MURPHY LOTT & MURPHY, Fire, Life and Accident INSURANCE AGENTS an d BROKERS WAYCROSS, GA. Nothing but Fust-class Companies represented. Insurance effected on riiH classes of property every exchange and in every market of the world. Their government has no seriously wounded. The trouble was about a woman. Gitif Tax Roties. The Books for the collection of City Tax for the current year are now open. All Tax Payers are hereby notified to come forward at once and pay up, there by saving the expense ot an BXECTJTIONT. By order of City Council. W. F. PARKER, City Tax Collector. Office cor Parker and Elizabeth sts. BST 1 Hours from 8 a. m. to 12 p. m. Johnson's Oriental Soap is the most delicate facial soap for ladies’ . U3e in ex istence. oold by B. J. Smith. GILLON & HUDSON, FOUNDERS AND MACHINISTS, WAYCROSS IRON WORKS. - - WIVCIOSS, GE0RGI1 H AVING added all necessary Machinery to our shoj), we are now prepared to do all kinds of casting, repairing and general work on Locomotives. We also carry in stock Stationary and Saw Mills, Piping, Belting, Pulleys, Hangers and Brass Cocks of all kinds. We make a specialty of SYRUP MILLS AND KETTLES. GIVE VS A TRIAL AND BE CONVINCED ALL WORK GUARANTEED. ■Hi hhhhUbhH Hi